Mike Tyson Net Worth 2020 – How Rich Is He?

Mike Tyson Net Worth
Credit: Getty Images

Mike Tyson net worth and his sources of wealth in 2020 analysed.

Net Worth:$3 Million
Date of Birth:June 30, 1966
Age:53 years old
Nationality:American
Source of Wealth:Professional Boxer, Actor, Film Producer, Investor
Last Update:2020

Overview

Mike Tyson is a retired boxer who fought in the rings for about 20 years. The greatest boxer of his generation, Tyson achieved a considerable level of success, which established him firmly as one of the greatest boxers the world has ever seen. His outstanding boxing wits and unique style of boxing earned him several titles. He first solidly announced his presence in the boxing scene as young as the age of 20, when he defeated several contenders, older than him to become the youngest heavyweight champion the world has seen.

To add to that, Tyson “The Baddest Man on the Planet” went on to become the first boxer to emerge as a champion of the WBA, WBC and IBF titles, at the same time, and also became the first boxers to unify these titles. No doubt, Tyson had a very impressive career. But a lack of discipline which trails as far back as his tumultuous childhood led him to incarceration and also caused him a great financial blow.

With an emphasis on Mike Tyson net worth in 2020, we briefly summarise the wealth his career has created for him. Other major highlights in this article include his early life, career summary, career highlights, salary, endorsements and sponsorships, luxury lifestyle and our takeaways from Mike Tyson’s wealth and rise to fame.

Early Life

Michael Tyson, who was born in Brooklyn New York, had a very rigorous and trouble-filled childhood which trailed him throughout his career. His biological father as listed on his birth certificate, Purcell Tyson from Jamaica, was nowhere close when Tyson was born. Rather his mother, Lorna Mae (Smith) Tyson, met Jimmy Kirkpatrick, from North Carolina who had abandoned his family and moved to New York. His mother married Jimmy Kirkpatrick. The two gave birth to a son.

But Jimmy Kirkpatrick wasn’t much of a father to Mike Tyson. He engaged frequently in gambling and was a regular at pool halls. Tyson refers to him as a regular fellow caught up in the street world. During the period around Tyson’s birth, his stepfather, Jimmy Kirkpatrick, left his mother. Stranded and left to take care of Tyson, his two siblings and half brother, his mother with little financial means was forced to move along with her kids to another part of Brooklyn, Brownsville. Tyson was 10 years old when they moved.

Six years after that move, Tyson’s mother kicked the bucket. Growing up in an environment filled with crime, Tyson got sucked into the system of crime. He commented that his mother knew him for being wild, and engaging in crimes. He said he never saw his mother being proud of him or happy with him for anything he did. And that dealt a huge blow to him. Tyson surely wanted things the other way.

Following his mother’s death, his boxing trainer, Cus D’Amato who was introduced to Tyson by Juvenile Detention counsellor, Bobby Stewart, took him in and became his legal guardian. Bobby discovered Tyson at Tryon School for Boys, where his frequent crimes landed him. He noticed Tyson’s boxing prowess and tried horning his God gifted skills, before passing him along to D’Amato. D’Amato along with Kevin Rooney trained Tyson who dropped out of high school to focus on boxing.

Career Summary

After winning Gold at the 1981 and 1982 editions of the Junior Olympic Games, he competed in amateur boxing until the 1984 season. In March 1985, Tyson competed in his first professional boxing bouts and went on to win successive fights until he eventually landed his first title win, the World Boxing Council (WBC) Heavyweight title in November 1986. Tyson was just 20 years old. He thus became the youngest heavyweight champion in the history of boxing.

Tyson continued in his top fight form and added the World Boxing Association (WBA) and the International Boxing Federation (IBF) heavyweight titles to his collections. In 1988, following his bout with Michael Spinks which lasted 91 seconds, he unified his WBC, WBA and IBF titles, becoming the first boxer ever to achieve the feat. The bout which was the richest in the history of boxing as at then made Tyson more than $20 million.

Between 1988 to 1990, Tyson defended his titles on 9 occasions but during those periods, Tyson personal issues began to weigh heavily on his career. His marriage to Robin Givens began collapsing, and he had his contract being fought over by manager, Bill Cayton and Don King. He also fired Kevin Rooney who took over following D’amato’s demise. In 1990, underdog, Buster Douglas, defeated him to claim his titles. Following his defeat in 1990, Tyson went on to fight in a couple of bouts before he went to prison for about 3 years, for the rape of Desiree Washington.

His return to boxing following his release in 1995 was heavily anticipated. His first bout after his incarceration generated about $96 million worldwide. The bout against Peter McNeely saw Tyson receive about $25 million. He soon regained his WBA and WBC titles. But he eventually lost it to Evander Holyfield. Tyson received $30 million for that bout. In 1997, the duo met again in a highly publicised bout which grossed about $100 million. Tyson received $30 million for the rematch which ended in Tyson’s disqualification following Tyson biting off Holyfield’s ear.

Tyson’s license was temporarily suspended by the Nevada State Athletic Commission and he was fined $3 million for the incident. From 1999 to 2005 when he retired, Tyson unsuccessfully tried to regain his lineal heavyweight championship. The closest he came to regaining his title was in 2002 where he fought against Lennox Lewis who held the lineal heavyweight championship. The bout which generated $106.9 million, became the highest-grossing pay-per-view event at the time. Tyson received about $17 million with a percentage of the pay-per-view sales. He lost the bout to Lewis.

Career Highlight

  • Ring magazine Prospect of the Year (’85)
  • Ring magazine Fighter of the Year (’86, ’88)
  • 2× Sugar Ray Robinson Award winner (’87, ’89)
  • BBC Sports Personality of the Year Overseas Personality (’89)
  • International Boxing Hall of Fame inductee (2011)
  • WWE Hall of Fame (2012)

Mike Tyson Net Worth in 2020

Mike Tyson’s net worth is estimated to be $3 million in 2020. Considering that he was once the most talked-about athlete on the planet, his wealth which is valued at $3 million is quite low. This is surprising and disappointing as the star earned about $300 million-plus in his very successful career. His decline in fortune can be credited to the personal troubles which he faced. From his marriage to his businesses, Tyson’s indiscipline haunted him. It even sent him to jail in 1991. He was sentenced to five years for the rape of Miss Black Rhode Island, Desiree Washington, who was just 18 years old at the time.

Tyson lost his fortune as a result of lack of investment. As soon as the star earned, he spent it in extravagant houses, and any luxury he longs for, which oddly includes pet tigers. He filed for bankruptcy in 2003, after it was revealed he owed $23 million debt. This was after the firing of his financial staff in 2000.

Tyson Ranch

His $3 million net worth can be traced to his investment in ganja, yes, weed/marijuana. He owns a cannabis ranch, Tyson Ranch, where he grows his own cannabis. He sells his own brand of weed and also sells weed wellness products. Monthly, Tyson sells as much as £500,000 worth of weed. He also runs one of the most popular combat sports theme podcasts. The podcast is named Hotboxin’ With Mike Tyson. He has also appeared in movies, such as the American franchise series, The Hangover. He has an animation TV series, dubbed Mike Tyson Mysteries. 

Mike Tyson Career Earnings

Throughout the 20 years of Mike Tyson did his business in the rings, he earned between $300 million–$400 million in career earnings. Tyson’s earnings were quite significant as compared to other top athletes of his time, he earned quite a lot. To put this into perspective, compared to Michael Jordan, Mike Tyson’s career earning is massive. His biggest payday during his 20 years career was in 2002 when he went head to head against the then lineal heavyweight champion, Lennox Lewis. He earned about £28.4 million from that fight.

More than 10 years since his retirement, Tyson seems not to be totally done with boxing. In May 2020, a video surfaced, with Tyson training. Tyson then said ‘I’m back’ at the end of the video. Quite similar to Michael Jordan‘s return to the NBA in 1995. Many are eager to see the former heavyweight champion return to the ring. He has reportedly been offered $20 million to fight in a bare-knuckle bout. In May 2020, The Sun reported that Tyson has been offered as much as $1 million to step into the ring with Toronto Wolfpack star, Sonny Bill Williams. 

Mike Tyson Endorsements

Though he left the ring 15 years ago, Tyson still is a prominent public figure and brand have sought to leverage on his fame to appeal to the public. In 2019, he signed a 12 month deal with sports betting company, Parimatch. The deal will make Tyson the centre of a campaign in Cyprus and the CIS region. In 2017, he became the face of Ultra Tune, the Australian automotive servicing franchise.

Mike Tyson Luxury Life

House

Mike Tyson House in Las Vegas
Mike Tyson’s House is a £2.6 million mansion in Las Vegas which he bought in 2016.

In 2016, Mike Tyson bought a £2.5 million mansion in  Las Vegas, Nevada. The mansion which covers 8,149 square-foot was built in 2001 and has six bedrooms and six bathrooms. The house has a big swimming pool which can be compared to a lagoon. It also has a spa and outdoor fireplace. For a man like Mike Tyson with a net worth valued at $3 million, luxury can still be lived.

Mike Tyson's former mansion in Connecticut
Mike Tyson’s former mansion in Connecticut

Tyson once owned a 52 room mansion in Connecticut, which has its own night club. The house which covers about 50,000 square-foot, has 21 bedrooms, 25 bathrooms, several game rooms, an indoor court, an indoor pool, a hot tub, a recording studio and a green screen room. He sold the home to US rapper, 50 Cents for £3.3 million. He had to sell in order to settle his enormous debt.

Cars Collection

Mike Tyson Cars - 2000 Lamborghini Diablo VT Roadster
Credit: hotcars.com

Mike Tyson’s car collections included a Mercedes-Benz SL-Class 560SL, a Ferrari F50, a Rolls-Royce Corniche, a Bentley Continental T, a Lamborghini Diablo VT Roadster and a Jaguar XJ220. He auctioned most of these cars following his bankruptcy in 2003.

Takeaways from Mike Tyson’s Wealth, Success & Fame

Now that you know the interesting story about Mike Tyson’s rise to fame, his wealth and how he became successful, here are 2 incredible lessons we learned from “The Baddest Man on the Planet”.

1. Train with the best

His training with Cus D’Amato and Kevin Rooney made Tyson develop most of the boxing antics, he used in the ring, which earned victories and his first Heavyweight championship at the age of 20. When you train with individuals who understand your chosen sport, you’ll become armed with the necessary skills and secrets to success.

2. Never let personal trouble get in the way of your career

Following his marriage crisis with Robin Givens, and his contract issues with Don King and Bob Clayton, Tyson became increasingly distracted and didn’t train well enough, he wasn’t even fit for his title defence against Bobby Douglas, who didn’t match Tyson in skills. Tyson paid for his lack of focus, by losing his lineal title to a lesser-known boxer, who lost the title in his first title defence. This should serve as a reminder that allowing personal challenges to get in the way of an athlete’s career has dire consequences. 

Summary

In 2020, Mike Tyson net worth is valued at $3 million. Surprisingly, his career earnings is somewhere between $300 million–$400 million.

Conclusion

Train with the best and develop your skills to the highest possible extent, but never allow personal issues to interfere with your training schedule and career.

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